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Offshore drilling has been a hot topic in the oil and natural gas space for a little while now. How did the first major driller to report do in the first quarter?

Aside from some unexpected downtime, Noble (NYSE:NE) laid the groundwork for a strong earnings season for its offshore drilling peers. Major oil and natural gas producers have announced record capital expenditures, and it is clear that the money has already started flowing. According to the release, that money is finding its way around the entire globe as well.

Two key metrics to look at when analyzing Noble and its peers are day rates and utilization. Both of these figures rose from the previous quarter's levels, and that bodes well for the entire market. If downtime can be limited, then it would be surprising to see this company falter in 2013.

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Taylor is an Associate GM in our Fool International operations. Prior to that he covered all things Energy + Materials as an analyst. Over the years, he has built an investing skill set to rely on when evaluating companies inside and out. While at the Fool, he has made appearances on CNBC and Fox Business. In addition, he completed his MBA at the University of Maryland and will sit for the Level II CFA Exam.